Sisulu to launch Human Settlements bank

Cape Town – Human Settlements Minister Lindiwe Sisulu will launch a departmental development bank this week, she announced in Parliament on Thursday.

Sisulu was briefing the media on her department’s upcoming budget vote debate, and said the details of the bank, including its name, would be revealed on Friday.

Director General Mbulelo Tshangana said the development of the bank had been a long time coming, and would be an amalgamation of the three development finance institutions (DFI) the department already had.

They had no intention of competing with private banks, and had already started engaging with some of these banks around the idea of partnering with them.

Those wishing to claim a loan from the bank for a title deed must have a family household of R240 000 income per year or less, Tshangana said.

“We fund end users, we fund developers, we fund projects. It’s a wide range of products and services and we will also be helping government entities that don’t have capacity.